New York Governor backs legalized sports betting
Governor Andrew Cuomo looks to betting to help fill $3.1bn gap in the state budget
New York Governor Andrew Cuomo has thrown his weight behind legalized sports betting, in a bid to help close a reported a $3.1bn gap in the state budget.
In his State of the State speech on Tuesday afternoon, Cuomo said: “Let’s authorize sports betting in the upstate casinos. It’s here, it’s a reality, and it will help generate activity in those casinos.”
Betting is theoretically legal inside the four casinos thanks to a 2013 law, but the NYS Gaming Commission is required to write regulations before it can go ahead.
The regulator has thus far made little progress, but the governor’s comments and betting’s inclusion in the budget may provide some impetus.
The state’s constitution would also likely need to be amended for online betting to take place however, according to an interpretation from the Governor’s office.
New York Assemblyman J. Gary Pretlow has said he plans to introduce betting legislation, including online wagering this year, saying it is “90%” likely to be passed in 2019”.
The four upstate casinos have all agreed sports betting partners, with Del Lago partnered with DraftKings, Tioga Downs with FanDuel and PointsBet, Resorts World Catskills with bet365 and Rivers with Rush Street Interactive.
One source told EGR the minimum revenue guarantees paid by the operators to the casinos could look “astronomical” if online betting were not legalized n New York.
The market could be worth more than $500m annually, according to Eilers and Krejcik Gaming.